Category Archives: Government

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What to Do if You’re Worried About Trump Repealing PSLF

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trump repealing PSLFI’ve gotten a ton of clients asking me about the Trump administration’s plans in regards to the Public Service Loan Forgiveness program (PSLF). For those who don’t know, PSLF allows you to work for a not for profit employer for 10 years and receive tax free loan forgiveness. For many borrowers burdened by huge amounts of student debt, PSLF is their only hope. Here’s how you should prepare your finances if you’re worried about Trump repealing PSLF.

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What I Learned About Future Student Loan Policy from the Betsy Devos Confirmation Hearing

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betsy devos confirmation hearingLike most Americans, I made sure to catch the tail end of the Betsy Devos confirmation hearing for Secretary of Education. Kidding aside, I’m more stunned with what I didn’t hear than what I did. I checked the transcript as well to make sure I hadn’t missed a substantive student loan discussion. After watching lawmakers ask their questions, I think we’ll have current loan rules around for a little longer than I expected.

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What Will Be the New Republican Student Loan Policy?

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republican student loan policy

Rep. Foxx, Chairperson of the House Education and Workforce Committee

Everyone wants to know now that one party control has returned to Washington, what will be the new Republican student loan policy? A lot of it depends on the views of a relatively unknown Congresswoman, Virginia Foxx of North Carolina. She is the chairwoman of the House Committee on Education and the Workforce.

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Why Pay for Help Managing Student Loans When It’s Free

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The Secretary of Education John King recently spoke about the proliferation of student loan scam companies. He warned borrowers not to pay for help managing student loans. After all, you can contact loan servicers and get help for free right? Why then do I feel like I’m genuinely impacting my clients lives for the better with student loan consults?

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Repeal of PSLF

How to Hedge Against PSLF Repeal

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Maybe you’re a really savvy doctor who learned about the PSLF program in year three of medical school. You’ve since made three years of payments in residency under the PAYE program, and you’ve dutifully submitted your PSLF employment certification form annually. You have $300,000 in student loan principal with $40,000 in accrued interest. PSLF repeal would royally screw you over, so what do you do when both parties have said they want to repeal it and Republicans will control all branches of government?

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The US Will Forgive $1 Trillion of Student Debt, Not $108 Billion

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US will forgive $1 Trillion in student loans

A bombshell report from the Government Accountability Office (GAO) on Wednesday shattered faulty accounting from the Department of Education on the cost of the Federal Student Loan Program. The new cost estimate to taxpayers for all loans issued through 2017 is expected to be $108 billion, far higher than originally expected. In my student loan consulting business, I’ve saved almost 100 clients over $10 million in the past two months. Almost all of this money was at the expense of the US government.

The GAO report’s cost projections for student loans through 2017 are far too low, and the report includes no costs for future years of loan issuance under current rules. Based on what I see as a private student loan consultant, the US will forgive $1 trillion of student debt over the next 20 years. The government created one of the largest entitlement programs in history by accident, making college mostly free for millions of Americans if they use the loan rules to their advantage.

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How President Trump Affects Student Loans

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president trump affects student loans

Regardless of who won the election, student loan policy was going to change somehow. Predicting student loan policy based on this election has nothing to do with political preferences. I only seek to determine how to best prepare my clients for policy change so that they can save as much money as possible.

We are currently on an unsustainable path with total student debt of Americans sitting at $1.45 trillion. Student loans will soon surpass both credit card debt and auto debt combined. 10 years ago, people were not really even talking about student debt as a national policy crisis. Now that the election is decided, here’s how President Trump affects student loans. If you’d like a free student loan calculator that models Trump’s student loan proposal, you can get that here

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